Buying from Stillman last year, GMAC acquired a majority interest and Perseus, already a minority interest holder, increased its stake in the property for $82 million. Property developer Stillman was left with a minority interest. The building's transformation, spearheaded by Studios Architecture, will cost the owners about $40 million. "We envision a bold, progressive building that takes commercial architecture forward in the city, rather than relying heavily on the past," says Perseus Realty president Bob Cohen.

A 12-story structure located near the White House in the city's central business district, 1110 Vermont also features 17,300 sf of ground-level retail space and a two-level underground parking facility. Jones Lang LaSalle oversees leasing responsibilities at the property, which is home to various offices of the US government and nonprofit organizations.

Among the elements that will be incorporated to elevate the building's status during the renovation are an upgraded facade, enhanced building systems, new interior spaces and an interactive light and sound system for external and internal use. JLL's Trip Howell says that "when construction is complete, 1110 Vermont will be one of the most high profile buildings in the city."